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? the american public isn't as tuned in maybe to, like, the debt ceiling debate or at least not the -- they did not used to be, whereas the minting of $1 trillion coin is out of duck tales. >> if you were going to do this, i don't think you would, for instance, like make a big deal of who is on the face. i don't think you would have a design competition for it. i don't think you would go parading around holding the trillion dollar coin. >> what if you lost it? >> yes, exactly. or my heist film that i'm writing about this. what you would do is come before the microphone and say in order to insure that the government meet its constitutional obligations to pay its debt, i have directed the treasury of the secretary to legal the necessary steps to make sure we can pay our debts. that's it. then all the coin stuff happens in the background, right? you don't want to turn it into this cartoonish -- >> nobody will notice. don't even talk about it. >> people will -- might go crazy about it, but i would also note this. monetary innovation is a tremendously important free line in american history. abraham
ceiling debate. but a growing body of evidence hidden in plain sooigt suggesting republican leaders are coming to -- may not be able to execute it. sir, it's great to have you with me this morning. what happens to the leverage that republicans said they had coming up in the next fight? is perception really not reality? >> no, i actually think they have a great deal of leverage. it's not just the debt ceiling but the sequester and the continuing resolution that funds all of the government, all of which hit within basically 60 to 90 days. i think that does give that and plus, i think the public knows there needs to be serious spending cuts and entitlement reform. we're on much firmer footing than before and much more united as a party. it's up to the president to make pretty serious concessions. >> is the boehner rule going to be in place here, the boehner rule being every dollar raising the debt ceiling will require one dollar of spending cuts over the next ten years. do you think john boehner can deliver on that to his party? >> i think he absolutely can deliver. he delivered on it
, very important to go back to the debt ceiling debate, which we came to the edge of real financial crisis in this country. guess who was on jon stewart and stephen colbert in saying we're spending $120 billion in a country with $14 billion of gdp and it's not good for america. grover norquist. grover norquist was out educating conservatives that this afghanistan war was not in their interests from a financial perspective. forget the strategic questions. and from his work, i think, you really begin to see a quick collapse of conservative support. progressives and i think most independents already had a great deal of skepticism about afghanistan. but it has been these debt issues that have really driven a real collapse of interest and support for afghanistan. so anyone that comes and radically supports an ongoing troop presence in afghanistan is going to look very, very much out of the mainstream to use some of the comments lately that folks have tried to rile up about chuck hagel. >> let me ask you one last question briefly about chuck hagel. what do you know about how things are go
for a second, wheng we get through the debt ceiling debate, is there something that feels like a pro-growth agenda? are we going to have the issues under control? is it enough to get businesses confident in the future? and i think when we get through this, we'll be left with a 2% economy, 4% earnings growth, and it's going to be okay, but uninspiring. >> 4%, 5% earnings growth, plus 2% for dividends, that's not a bad year for the s&p. it'll get you to 1,550? >> we are in a mid single digit equities environment. it's not horrible as long as you're not expecting something that's, you know, that's 10%. >> look at some of these releases. i'm very impressed with the isms for services. very impressed with capital goods, factory order spending, factories isms, even the employment report showed good hours worked in income. are we underestimating the economy? forget washington, put that aside. >> are you underestimating the economy? it'll be 3% instead of 2%? >> it could be. let's put it this way. if you look, for example, at the cbo budget numbers, they are looking for this thing to get to 3
this debt ceiling debate to have? >> we're quite worried about it. we hope they don't shoot themselves in the foot. the good thing is the market saw in december even though there was a lot of fighting, ultimately they did the right thing so maybe it doesn't have to sell off as much before. >> i'm sorry, what does that mean? shoot themselves in the foot? does that mean they should do the right thing and stop borrowing 1 trillion a year. >> michael, you're right. we already shot ourselves in the foot. >> shooting ourselves in the foot would be coming up with a deal before the deadline, not a week after the deadline after they scare the bejabers out of everybo everybody. >> in 2011 they raised the debt ceiling and promised to cut $1.2 trillion. guess what? they punted on that one. now they are one sequestration in arrears. they owe us two and we're not getting any. that's not shooting ourselves in the foot. it's shooting our children in the head. >> i would argue that they did the -- i would argue they absolutely did not do the right thing. they probably should have let things lie and sta
year choppiness and then you can settle in and do something once the debt ceiling debate is figured out and get some of the issues out of the way. >> we've lived in this environment for the last 18 months, one big disaster after another. everyone is waiting for the policy response, comes at the 11th hour and 59th minute. this is a pattern everyone has gotten used to but the fiscal cliff and the debt ceiling are the last big tail risks we think of the tail risks that we have to worry about, saw we would say once we get past that over the next several months we think it will lift a little bit of a cloud and investors will take risks. >> good to see you. >> good to see you. >> thanks so much for joining us. >> bob, thanks to you as well. ten minutes to go before we close it up. the dow jones industrial average holding on to a gain of 50 points. >> well, this herbalife soap opera is continuing. herb greenberg is coming up. all over the big move in the stock. take a look. up 3.25% right now. we'll show you what's behind it. >> and can you believe the iphone was only introduced five years ago
higher. nathan, you've got the debt ceiling debate on the horizon, even if we get another credit downgrade. you don't think that's a big risk either. >> look what happened when we had the last credit downgrade, maria, did just fabulous. bonds you'll get the coupon. look for a 9%, 10%, 11% return or you'll be very disappointed. i agree with rick, and i think what we'll get mostly is the coupon off the bonds. i still like large cap. i'm about 65% in large caps here in the united states. the rest of it is in large caps, in europe and over in asia, and i think that's particularly emerging market debt and emerging market stocks. i like those. we've also increased our stock position by about 5 p. my guess is that this congress is going to give us a few more opportunities, maria, to be buying as a dip before we get to the second half of the year, and when i find myself agreeing with merrill lynch as an independent adviser, i don't know, but i like what kate moore had to say. >> what you're saying basically is you've got to be in the market but look for the right places because we'll see
you can expect to see these confirmation hearings will be a proxy for the looming debt ceiling debate and other debates going forward about the administration's fiscal plan. >> woodruff: jared, whator all does this choice say about what the president's priorities are when it comes to the economy? >> i think it says two things. one is that the president wants jack lew there for these upcoming fiscal deadlines. the sequestration, the debt ceiling, things like that. he knows that jack is not just a tgh negotiator and i think this next point has gotten mixed he's a successful negotiator. i know republicans are complaining because he took a tough line back in 2011 with a lot of tea party folks but in fact he's been closing deals for 30 years the second thing is jack understands what it means, a very important part of the president's second term agenda. he understands what it means to get our debt on a sustainable trajectory. there's a lot that has to happen for that to occur. we've gotten a good chunk of the wa there but in order to complete the deal so that our debt stabilizes over the bu
side is coming out. what advice do you have especially as relates to the debt ceiling debate coming up for republicans? i don't think they handled-- they didn't negotiate. >> have to get off taxes, we're finished with that and we shouldn't vote for more tax increases, finished with debates over taxes. the debates have to be how we reduce spending and republicans should pass bills. >> sean: one after another. >> reducing spending, take the risk that people get angry at us for certain special interest groups are getting upset cutting this, and a realistic picture how to reduce the deficit and dare the senate to vote for it. >> sean: and only essential areas of government get funded. shut it down until the president-- >> everyone agrees except the more radical left wingers the big problem we have is out of control spending so let's attack that problem, not politically, but in a substantive way and presenting legislation that cuts spending and balances the budget and then dare the senate to vote against it. >> sean: all right. mr. mayor, good to see you. appreciate you being with us. >> go
under president obama. does this please help him and that debt ceiling debate which he will be a key figure in if he is nominated? >> i think the president is nominating him for the debt ceiling, entitlement and tax reform debates. this is exactly why jack lew is being capped. cheryl: jack lew has come out in the past and spoken publicly about debt reduction. that does not seem like something the president wants to address. he will be looking for more revenue to address the debt ceiling. can he effectively as a guest to his boss while managing the expectations of republicans? >> that is one of the fundamental problems here. i am not saying it is unimportant, but it is of secondary importance of who is president. he is not an independent actor. he put a deal for that was laughable. i think geithner was never given the room to negotiate beyond that. to me, the question is, if jack lew had the authority to negotiate issues, that is a second thing. if the president sent them off with no ability to negotiate and the president starts with we do not have a spending problem and it is all rev
a trillion-dollar platinum coin as part of a proposal to avoid the debt ceiling debate. the unorthodox idea to say the least, it was possible due to a legal loophole that allows the u.s. mint to create coins of any denomination. >>> there was a time the state of california could have really used a trillion-dollar coin, but not this year. governor jerry brown delivered his state budget proposal on thursday, and for the first time in six years it does not have a deficit. joining me now is jared bernstein, former chief economist for vice president biden and a senior fellow at the center on budget and policy priorities and a good friend to us here. it's good to see you. >> good to see you, alex. thanks for inviting me. >> listen, your reaction to this budget. now, is it all good news? >> i think it's mostly good news. the way they got there is precisely the way i think a functional political system would deliver a budget that kind of balances out like this. that is, they did it through some real spending cuts but also some tax increases. and that's the kind of balance that certainly the preside
or not debating is the idea that the debt ceiling in the united states is a very unusual tool, only one other country has it. and it is because what used to happen is whenever the government needed to spend money, particularly when you're in a deficit, the treasury of the united states would have to go out and issue bonds in order to get cash to pay for it. and that was just a cumber some, awkward thing to do. what they did was create this debt cerealing which meant t ce could issue bonds for chunks of money not related to every single law that was passed. it was just because it was cumbersome. it is not a debt control or spending control measure. the president used an analogy today, used many, to say this is like eating at a restaurant, having your fill and not paying the bill. if you want to discuss -- >> dine and dash. >> yes, dine and dash. we have two problems. one is we have to understand the terms of this thing. this is about increasing the treasury's ability to pay for things that have already been committed to by the government. the danger is if you have this discussion about not pay
the country's debt ceiling without debate. she told face the nation viewers the president has the 14th amendment on his side which states the nation's debt shall always be paid. she says that she and the democratic party will continue to focus on growing and supporting the middle class. >> the class is the strength of our country. and those we have to strength strengthen it and help those who aspire to be it in, be in it. but it's about a sense of community. and this is the epiphany i want them to have, not just we're only here for the wealthiest people and if it trickles down, that's a good thing. if it doesn't, so be it. that's the free market. that's not how we see it. >> pelosi met with hundreds of constituents and colleagues today for the annual new year's celebration in san francisco. meteorologist rob mayeda here. it's probably a good thing that nancy pelosi held that meeting indoors today. >> if you look at today's highs, it roi cool day around the bay area. interesting, the coolest temperatures we had, parts of the south bay and east bay where the clouds really didn't clear ou
to that before you do. okay. the president on this whole upcoming debt ceiling debate again. >> obama: one thing i will not compromise is whether or not the congress should pay the tab for a bill they've racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. >> stephanie: mitch says it is a shame we have to use whatever leverage we have in congress to get the president to deal with the biggest problem confronting us. it is a shame. it's a shame we have to take hostages again but we have to. >> the tax issue is finished, over. completed. that's behind us. now the question is what are we going to do about the biggest problem confronting our country? and our future. and that's our spending addiction. it is time to confront it. the president knows that. he's mentioned it both publicly and privately. the time to confront it is now. >> we have to get rid of the free loading old people. sick people. >> stephanie: he suggested making them into mulch. right. sorry. >> save lots of money that way.
running. the debate is about the debt ceiling. ke sequester and budgets. no learning for lew. he is qualified to take on the budget battles about to engulf washington right now. on the money menu, china sees trade soar in diagram. before you change the channel, understand that china's gain is a sign that things are picking up here in the united states. exports jumped 14% at the end of the year compared to 12 months ago. that's important because the economy has been slowing down for seven quarters likely because of malaise. i have been saying things are starting to look up for the u.s. economy in 2013 and a boost in imports is one of the indicators that tend to confirm the sentiment. the one thing that could ruin this is the battle on capitol hill. democrats and republicans resulted to tactics that cost the u.s. the iron clad credit rating. the economy suffered. president obama will want the tax revenue hikes to any spending cuts that republicans insist on. to do that they would have to tap into politically sensitive deductions and for perspective, the deducks and exclusions cost
the debt ceiling debate. i don't think it's a debt ceiling debate, but a debt debate. the question is simple. do we want more debt or less debt? people like ted cruz and colleagues in the senate say we should have less debt, and republicans want less, the democrats want more. the insane thing to do is to continue on the path we're on. >> host: endorsing the idea of shutting down the government in order to get what the republicans would like? >> guest: endorse the idea of responsible behavior. you know, the only thing more irresponsible than shutting the government down is continuing to suffocate ourselves in debt. we have $16 trillion in debt. we have an annual deficit over a trillion dollars every single year, and we have $86 trillion in unfunded liabilities that we have no idea how to pay. the previous guest talked about raising taxes on rich people. the fact is you can take the net worth of every single american, take all of their money in their bank account, their homes, their cars, take everything, and you would be 30% short of the promises already made. you can't tax your way
's bank account. previous debt ceiling debates, treasury and the fed work together to come up with a payment plan to prioritize how to use what money the government has on hand. but i talked to several fed officials about prior debt ceiling showdowns, and they said the fed said there would be no way to proceed without money in the treasury. we'll see what president obama says in his press conference, if he ratchets up the rhetoric this morning. he's been clear he would negotiate only spending cuts, but not in context of the debt ceiling debate. simon? >> okay. >> steve, are we all agreed on what the word default means in this case? we're going to be talking about it an awful lot. >> great question, carl. it's a political question. you can default on the interest payments, and that's a sort of, i guess the technical or legal version of default. or you can default on obligations. in other words, the government incurs a debt, but doesn't pay it. that's of a different order of magnitude from defaulting on the interest payments on the debt. in general, the white house wants you to
of sequestration to the debt ceiling debate. now, you know, some in congress have said for every dollar increase in the debt ceiling we want a dollar in spending cuts. by the way, sequestration is a result of that same philosophy the last time we hit the debt ceiling. the republicans in congress at that time said that they wanted spending cuts to equal the amount of increase in the debt ceiling. congress could not agree on what specifically to cut for that full amount, so we came up with sequestration as a forcing function to make that happen. so these are, sequestration cuts are cuts leavitt over from the previous debt ceiling increase. now we're facing another moment where every to increase the debt ceils. if you want to increase the debt ceiling enough to give us about a year of operating time, that'd be about a trillion dollars. if you want to completely offset the cuts in sequestration with other deficit reduction, that'd be another trillion dollars. putting these two on the same timeline doubles the problem. i'm not confident congress can come up with another $2 trillion in deficit reducti
background checks. >>> and the debt ceiling debate is heating up, as well, with the obama administration insisting it won't negotiate with republicans on raising the ceiling. the white house says congress can either pay its bills or it can put the nation into default. reports suggest the government can run out of action to pay those bills as early as mid february. >>> and the creators of south park are setting up their own production studio. they've secured $2 million to set up a company called important stud wrote. the new studio will incorporate revenue from south park and the hit broadway play "the book of mormons." >>> and the ftse 100 closed up with a fresh 4 1/2 low on friday. we had a pupil by another market. but today, the xetra dax, cac 40 and the ibex, as well. shaking off that production data. take a look at what's on today's agenda in the u.s. fed chief ben bernanke will be speaking at the university of michigan later on. he'll discuss monetary policy, recovery from the financial crisis and is long-term challenges facing the u.s. economy. bernanke's xhnts will set the tone fo
the debt ceiling debate on capitol hill. a trillion dollar platinum coin? this was mentioned by a new york times economist. a loophole could have the coins that could be deposited to pay the nation's bills. the white house says they are not taking it seriously. nice idea though. >> wish i had one. it is 8:27 right now. it's a thursday morning and still ahead at 8:00, shut out the baseball hall of fame decides not to induct any players. why everyone struck out. >> dc's mayor says there's some talk about the redskins moving back into the district. that comes with a catch about the team's name. we'll be right back. >>> defense secretary is welcome being to the pentagon in about an hour and a half. then meeting secretary of state hillary clinton and have dinner at the state's apartment tonight. sits down with president obama tomorrow at the white house. talking about how many u.s. troops will stay in afghanistan. >> a u.s. drone in pakistan killed five suspected militants overnight. happened in the northwest tribal area which is a main hide out. the missile attack is the 7th one in the last co
secretary. if confirmed he will have to jump into the debt ceiling debate. that will be trial by fire, isn't it? rich edson is live at the white house. >> this is the reason why he is selected. he has really been a budget person here in washington for the past 30 years. he was budget chief under the clinton white house and obama white house. he has been in all the particular budget fights especially next to president obama with the debt ceiling year-and-a-half ago in most recent recent round. according to folks early in the week telling us at fox we would get announcement by the end of this week that jack lew would likely be the next treasury secretary pick from president obama. we don't have much week left. on friday the president of afghanistan, hamid karzai is expected to be here at the white house. that has us all looking at tomorrow as the official date for this. the reasoning behind that, yes, he has been in on all of the budget fights. he spent all of last few years really of his career in washington, d.c. in the federal government. he spent a few years at citigroup. he was the chie
in washington. cheryl: that's interesting. we'll wait for the debt ceiling debate, which i know many of you watch at this point, but at the same time, let me ask you about this. you mentioned housing. we have numbers from wells fargo, and i wanted to follow-up with you. a big piece of the business is mortgage lending, especially in the western part of the united states seeing an overall pickup. is that a bullish sign? >> extraordinarily bullish, okay? households are starting to reemerge and relever their balance sheet which is actually what dpsh go back, okay, what created the financial debacle in the first place is there was a curtailment of debt, and now it's reemerging and that should create an e quill lib yum within the credit system forcing the u.s. economy to grow in 2013, but we expect that in the later half of 2013. cheryl: the consumer's balance sheet, we have retail numbers out for december, and it was a rough fourth quarter, and i think that that's got some concern about the consumer overall, and if they are going to continue to power some of the big down movers we are watching.
as this week. former fdic chair sheila bair is here on what that could mean for the debt ceiling debate. >>> another day, another bank call. this one, though, in the opposite end of the spectrum from what we've gotten recently. credit suisse downgrading bank of america citing valuation cause for concern. pleasure to have you with us. >> thanks for having me. >> seems like the primary driver behind this is the huge run we've seen in bank of america, the fact that right now it's trading at a multiple of 2013 earnings that exceeds jpmorgan as well as citi. does that imply that where citi and jpmorgan are trading, is that where bank of america should be trading? >> no, it's not at all. because bank of america does have a lot of cost reduction opportunities. on 2014 estimates, it's only one multiple point difference than 2 1/2. it narrows over time. but the issue really is, you know, are those cost cuts going to come in a straight line and could there be any interruptions. >> this almost sounds like a trading call at least for the near to intermediate term to switch out bank of america and g
. in the previous debt ceiling debates, the fed worked together to come up with a payment plan with the fed to prioritize how to use the money that the government had on hand. but i talked to several former fed officials about those prior debt ceiling showdowns. they tell me the fed internally resolved not to fund the treasury if it ran out of money. so that's another idea out the window. and guys, what's interesting here, is that even if we hit the debt ceiling, the government, as long as there's appropriations, will continue to gather up bills. and there are all kinds of legal statutes about if the government doesn't make a payment, and interest on those bills, and everything so that doesn't solve it. only when the appropriations run out and there's a second kind of debt ceiling showdown moment, which is the end of march when the continuing resolution runs out, and that's when they'll shut the government down and the government will stop incurring costs. so as long as there's appropriations, the government will continue to spend, and only shutting down the government stops the spending, a
the debt ceiling. it also removes the debate on section four of the 14th amendment. we will focus on all of this this sunday morning. it was a call. numbers at the bottom of your screen. we also want you to join us online on twitter and facebook or send us an e-mail. we will get your calls and comments in just a moment. our question, whether or not they residents can -- president can't bypass congress to raise the debt ceiling. she is preparing for his inaugural address. the president will seek a citizenship pass in a push as the debate over immigration continues here in washington and around the country. another headline getting a lot of attention is that the vice president continues his recommendations on how to deal with gun violence. tuesday he will give the president has outlined. p--- his outline. ,et's go to the hill newspaper which has one of a number of stories on this sunday morning related to the debt limit. senate democrats telling the president he may need to raise the debt limit on his own. a letter sent to the president on friday advising the white house to be prepared to
for the debt ceiling limit debate. we have breaking news from rich edson joining us live from d.c. go ahead, rich. >> a new debt ceiling target date from treasury, mid-february to early march says treasury. remember we technically hit the debt ceiling on new year's eve but treasury is undergoing what are known as extraordinary measures to keep paying the bills. this in a letter to speaker john boehner from the treasury department. treasury currently expects to exhaust these extraordinary measures between mid-february and early march of this year. any estimate however will be subject to a significant amount of uncertainty because we are entering the tax filing season. a warning to republicans saying threaten to undermind our credit worthiness is no less irresponsible than threatening to undermined the rule of law and no more legitimate than any other common demand for ransom. very similar to the tone and warning about i president obama earlier today in a news conference saying that the congress has ordered him to spend this money and therefore must raise the debt ceiling with no strings atta
earning more than $1.3 million a year to pay 75% tax. >>> a debate over the debt ceiling is heating up. >> people say i'm not going to pay my bills unless you stop buying stuff. well, stop buying stuff so you don't have a future bill. >> the fight on capitol hill over spending cuts. >> and the new legislation aimed at preventing mass shootings. >> and a massive brawl at a louisiana mall. ♪ [ female announcer ] no more paper coupons. no more paper lists. [ dog barking ] ♪ no more paper anything. safeway presents just for u. ♪ save more. save easier. saving more, starts now. just for u on the safeway app. . >>> the so-called flash mob in louisiana this weekend ended in a millionee and emptied an entire shopping mall in baton rouge. according to witnesses about 200 young people gathered in the mall's food court and apparently answering a notice on a social website. a fight broke out and people started to run and jam exits. there were reports of arrests, but no reports of serious injury or damage. >>> president obama faces a full agenda as he returns from vacation. the president
genius you are? no. we have a debate on the debt ceiling. can we actually talk about the debt. oh, all bush's fault. okay. let's talk about guns, there's not a single idea that's leaked out of this white house or pushed on capitol hill that would have prevented the horrific mass murder in connecticut. they're dusting off all their wants and demands and trying to pour it into this tragedy like they always do. we have a second amendment. the second amendment matters. and so it's not up for grabs whether biden and obama or the goofball governor of maryland or the rest of them, but yet, and yet you would think that the constitution is just another statute for these guys to play with. this is why i'm furious, once we lose the constitution, and we're losing it big, what's left? how do we keep these people in check. >> megyn: how do you see this emerging with the public, if it doesn't sound like he's got the votes in the house to pass gun control legislation and he may in fact resort to executive action, president george h.w. bush issued an executive order on gun control when he was president
ties any resolution of sequestration to the debt ceiling debate. some in congress have said that for every dollar increase in the debt ceiling, we want a dollar in spending cuts. sequestration is a result of that last -- of that philosophy the last time we hit the ceiling. they wanted spending cuts equal to the raise in that that ceiling. congress could not agree. that is why they came up with sequestration. sequestration cuts are cut left over from the previous debt ceiling increase. now we are facing another moment where the debt ceiling needs to be increased. if you want to increase it to give us a year of operating time, that would be about 3 trillion dollars. putting these on the same timeline doubles the problem. i'm not confident that congress can come up with another 2 trillion dollars in deficit reduction by that deadline. with the fiscal cliff, relative to what would have happened if all of those programs had been extended, what they ended up passing reduce the deficit by less than one trillion dollars. look at how hard that was to achieve. less than one trillion d
. lori: never know looking at interest rates but there is new urgency on the debt ceiling debate after a just released report warning the u.s. government may default on its debt two weeks earlier than initially expected. the bipartisan policy center think tank is warning that the federal government may default on its debt as early as valentine's day. that is no love letter, february 14th. the government hit the $16.4 trillion debt limit on december 31st. the treasury department is taking extraordinary measures to stave off default. you can bet we're all over this one. melissa: i know. stay tuned. sounds like the ultimate case of ingratitude. aig's board is meeting to consider joining a big lawsuit against the u.s. government which says aig's controversial $182 billion bailout cheated aig investors. of course there is a lot more to this story. here's liz macdonald with emac's bottom line. >> there is news on this right now at this very hour. reuters is reporting that now the white house is out defending the bailout of aig. what is happening aig is confirming to fox business the board wi
. the deal also did not tackle the impending debt ceiling, a debate that will likely consume congress in the months ahead. joining me from washington, david leonhardt, he is the washington bureau chief of the "new york times." from chicago, austan goolsbee, a professor at the university of chicago booth school of business and previously chairman of the president's council of economic advisors. i'm pleased to have both of them back on this program. david, let me begin with you and tell me exactly where you think we are having that january 1 up to the last minute deal. what is the order of business for the executive branch and the legislative branch to do something to develop some sense of predictability and certainty and a road map for the future. >> well, we just missed a pretty substantial opportunity thief happen because i think the bigger deals that were on the table that president obama and speaker boehner were talking about would have removed some of these up coming deadlines, like the debt ceiling. and they didn't get one of those bigger deals. instead they got something in whic
was the chief of staff. it seems for the next six months or so between the debt ceiling debate, the sequestration debate and the new budget that hopefully we bring in, that is going to preoccupy washington. he doesn't really have a lot of experience on the regulation side of things, which may cause some people on wall street to be concerned. but we're not really in a political environment, brooke, where the -- neither the white house nor most people are concerned with whether or not wall street likes the pick. but he is -- he's a guy who had experience. he was involved in the 1997 balanced budget deal. he's been involved in social security legislation. all the topics that are hot right now, jack lew does have experience with. >> you mentioned sequestration, of course. we have a couple of fiscal cliffs over the next two months. do we have any idea what kind of negotiator he'll be and he'll drive a tough bargain with the speaker of the house, john boehner. >> as the chief of staff of the white house, that's a key issue. you got to be able to be tough, you got to be able to negoti
. >> and the latest read on how small business owners are coping with the debt ceiling debate, and what it means for the economy. second hour of "squawk box" starts right now. good morning and welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with joe kernen and becky quick. take a look at futures. see how the market is setting up today. red arrows across the board. dow looks like it will open off about three points. nasdaq and s&p 500 marginally lower. we also have some executive changes to report prominent in the headlines this morning. dell's senior vice president for corporate strategy david johnson is leaving to take a senior position at the blackstone group. johnson joined dell in 2009 from ibm and you might remember this. it was a controversial move. ibm had announced an unsuccessful legal challenge to keep johnson from joining dell in the first place citing a noncompete clause. also this morning sears chief executive louis deambrose yo is stepping down on february 2nd. citing family health measures for the reason. chairman eddie lampert has been taking over as the ceo pos
, rush limbaugh took a swipe at me last week because he doesn't agree with my take on the debt ceiling debate that's about to consume washington and the country again. he's accused me of being, quote, a low information reporter because i dared to say what the debt ceiling law isn't. >> i think it is a debt limit as your monthly credit card limit. you can't go over it on your credit card. and the united states government can't spend more than what its credit limit is or debt limit. ali velshi of cnn says that has no relation to spending. >> that's just the best part. he went on for about 11 minutes. let me explain again to rush, a bill involving money was passed, the treasury had to raise money for it by issuing bonds. since the u.s. has rarely had a surplus. the debt ceiling law was established to give treasury the flexibility to borrow chunk of money without going to congress to get approval every time a law was passed. it had nothing to do with spending control or debt control. it was a technicality, most functioning countries don't have any such thing because they understand that if
worried with would happen with the cliff. >> right. tracy: here we are with the debt ceiling debate, you still have to be worried. >> less, by a lot. the idea of everybody's income tax rates going up to the degree they could have without working this out could have been much more catastrophic to the economy. certain things have to be done. i'm much less concerned now than i was two months ago. tracy: we do have people with smaller paychecks. >> yes. tracy: your fees run, what, about sign-up is $50. comes down to a month? >> less than that. >> most people do meetings, monthly pass. no sign-up fee. $42.95 a month. weight watchers less than $10 a week. weight watchers online is less than $10 a month. tracy: are you worried this is one of the things i drop? >> if you look at the cost of obesity the way it impacts individuals and insurance companies and employers, the cost of diabetes, cost of heart disease, cost of cardiovascular, it is the best investment you can make from roi point of view as being healthy. from our point of view we focus on that value message. tracy: you hope that is how
, understandably, aren't following all the debates here in washington -- raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. and we are not a dead-beat nation. and the consequences of us not paying our bills, as i outlined in my opening statement, would be disastrous. so i understand the impulse to try to get around this in a simple way. but there's one way to get around this. there's one way to deal with it. and that is for congress to authorize me to pay for those items of spending that they have already authorized. and the notion that republicans in the house, or maybe some republicans in the senate, would suggest that "in order for us to get our way on our spending priorities, that we would risk the full faith and credit of the united states" -- that i think is not what the founders intended. that's not how i think most americans think our democracy should work. view;e got a point of democrats in congress have a point of view. they need to sit down and work out a compromise. >> you just outlined an entire rationale for w
in the debt ceiling debate that is coming, despite the fiscal cliff deal that saw taxes go up 77% of americans. nancy pelosi says it is not enough money really that was garnered through that deal but republicans vehemently disagree. they say it is time to get serious about cutting spending. watch some of this. >> in this legislation we get $620 billion, very significant, high-end tax, changing the high-end tax rate to 39.6% but that is not enough on the revenue side. >> the tax issue is finished, over, completed. that's behind us. now the question is, what are we going to do about the biggest problem confronting our country and our future and that's our spending addiction. it is time to confront it. martha: all right. joined by charles payne, fox business network contributor. charles, good morning. >> good morning. >> good to talk to you. what is your reaction to that back and forth? >> listen, martha, we know they're setting up for the battles, debt ceiling, sequestration and even the continuing resolution. it is interesting on a deal almost everyone agrees white house won big-time, 40 to one
major fights are expected as we just begin this new year. they are over the debt ceiling debate and president's cabinet choices. there were two issues that sparked criticism from both sides of the aisle this week. joining me is congresswoman karen bass, a democrat from california. welcome back to the show. it's good to see you. >> thank you. thanks for having me on. >> i know you have seen this picture which is circulating. it's of the president's current cabinet which shows all of the men there with the exception of what's reported to be valerie jarrett's leg. okay. so as someone who's been on the frontline fighting for women's rights, what did you make of all the talk about the president's lack of diversity in his cabinet choices? >> well, i certainly think that the optics are not very positive. but i really do think it's important to look at the overall picture. so if you look at gender diversity within the president's staff and what his cabinet has been, i think it's actually been very strong. what i'm looking forward to is that the appointments coming up will reflect women
representative of california. issues include the debt ceiling debate, immigration, and gun laws. "newsmakers" on sunday at 10 a.m. and 6 p.m. eastern on c- span. >> student cam video entries to the president are now due. get them in by friday. the grand prize is $5,000. total prices is the $2000. >> now an american bar association about the balance between combating terrorism and national security law. assistant attorney general lisa mine october leads the national security -- lisa monaco leads the national security. this is 25 minutes. [applause] >> thank you very much for that generous introduction. i am going to have to focus on the chinese proverb. it is not one that i had seen before. good morning, everyone, and thank you for coming out this morning. i want to thank the standing committee and the work she always does to put these events on and, of course, jim. and all of you and coming out this morning. i'm going to spend a few moments this morning talking about the role of the national security lawyer and the unique position the division occupies in that regard. and also about some of
to the debt ceiling debate that we are going to be having. he hhs been intransigent, certain republicans down it came to any sort of meaningful spending cuts in the fiscal cliff. ashley: giving her the last word, do you think jack lew is the man? >> i do. negotiating tip o'neill and ron reagan, newt gingrich and bill clinton. this is someone who knows how to bring both sides together and get a deal done. ashley: we have to leave it there. thank you so much, kate obenshain and penny lee. thank you for joining us. >> thank you. ashley: always want to debate. tracy: sure is. ashley: lots to talk about. tracy: for a while now. a valentine's day, which, a lot going on. all right. cheryl take as to the last hour "countdown to tmyhe closing bel" is next. ♪ i honestly loved smoking, and i honestly didn't think i would ever quit. [ male announcer ] along with support, chantix is proven to help people quit smoking. it reduces the urge to smoke. it put me at ease that you could smoke on the first week. [ male announcer ] some people had changes in behavior, thinking or mood, hostility, agitation, depr
of intransigence. that the damage that came out, the the summer of 2011 with the debt ceil ceiling debate, the public didn't engage deeply with that policy debate was they sniffed out -- because they sniffed out very early on, they saw this was a purely symbolic debate. there really were no merits to why the debt ceiling should or shouldn't go up. it was being used as a political tool to make other political arguments. and people were very frustrated about that, and the republican party or took the brunt of the blame for that. nobody came out of that debt ceiling debate looking good. obama's ratings went down, but the republican party's ratings went down much further. and that was when we first really started to see a wider opening in the gap of for perceptions of the two political parties, the leaders of the two political parties. and the republican party has not overcome that image now, and they're going into a very similar debate from the public's perspective now playing at least to this point a very similar strategy. and it's probably, you know, not going to work terribly well for the
, a number of issues going on, gun control, the debt ceiling debate, immigration reform, another issue. you've been very outspoken on it. it will come up in the next few months hopefully. the way you talk about immigration, mr. mayor, the whole debate about immigration reform is on the scales of what kind of burden does immigration pose to the country, how do we manage the burden. you said, it's not a burden. a jolt to our economy. >> most knowledgeable people would agree immigrants create jobs here. immigrants are a thousand times more likely to have a business, don't take away jobs, create jobs. seasonal workers take jobs from nobody and do things americans won't do and create jobs down the road. the economic benefits of having immigrants around the world, the countries starting to eat our lunch doing it because they want immigrants and we are trying to keep them out. the issue where it gets controversial, family reunification, you're here an want to bring your family over. the family reunification people are trying to hold the economic immigration changes hostage until they get some of t
the idea -- >> could this point that the debt ceiling debate is a silly accounting discussion? so why shouldn't we use a silly accounting gimmick to solve it? which is that you already have appropriated this money and the idea that you have to then go back and give treasury the authority to print money to borrow for it is artificial. it's just a game. and so why wouldn't you then use another game to counter? which that -- >> of course a dumb idea and a dumber idea don't make a good idea. >> that's true. >> they do to come. >> no, i understand. >> some people really are buying into it. i can't believe the number of e-mails i'm getting from people trying to kick the tires on that nonsense. that financial high poth carry measure. >> the one that you have is fake. this is real. this is a $100 trillion zimbabwe bill. look, we got to get real. we've got real fiscal problems, tax and spending, we've got real monetary problems -- my view is -- >> -- may view is we ought to eliminate the debt ceiling. we ought to substitute statutory budget controls and a debt-to-gdp -- >> david, it gives the
about the fiscal cliff, and now the debt ceiling debate coming. do you agree, is there a lack of leadership there, and conceivably what can be done to change that? >> i think what we've got is an organization, leaders in washington, who have lost sight of what their mission is. their mission is to serve the american people to get certain key things done. budgets passed, agreements done. and i think that people have got to understand the greater good is more important than the individual gain that they might make, posturing, or whatever. i think it's a real problem. >> as part of what may end up being yet again another potential compromise, we may see spending cuts significantly for the defense budget. do you think it can handle that, what you've seen in afghanistan and iraq as well, that we can cut defense spending meaningfully? >> i think every part of the u.s. budget is going to be cut. i think defense should or will not be exempt from that. it forces tough choices. but that's what leadership's about. it's setting priorities. and that means we're going to accept some risk. b
had a great discussion in the 7:00 hour, about, you know, how do you gauge the debt ceiling debate? we did the fiscal cliff. they did a deal. how worried should i actually really be about the vault? i want to be optimistic here that we come off a little bit and at least, in part, taking what rick said about the optionality, at least in part we've come -- >> that's in terms of butter boiling? >> right. >> you're not sitting on some big festering boil. we've come off the boil, which is at a boil for water -- >> folks -- >> right in there how i should respond. >> i'm not going to say anything. >> viewers -- >> i want to know the expression. >> i don't have a clue how to respond. >> i've never heard that expression before. come off the boil. >> you've been sitting on a boil -- >> i think -- >> all right. >> i'll respond any way you like. >> rick, steve, and scott nations. you can catch scott on fridays on "options action." >>> coming up -- >> the hottest new tech gadgets you can't live without. the consumer electronics show kicks off in las vegas tomorrow. you'll be hearing a lot about it.
will be short to snatch that to defeat from the jaws of that victory with a massive and messy debt ceiling debate. >> thank you, steve. >> sure my pleasure. >> thank you, rick. >> what are you going to say for the next 90 days then? >> i got nothing. >> when we come back we will be monitoring the ecb president mario draghi's news conference. we'll bring you the highlights as we get them. plus a retailer that is getting hard-hit. on weaker than expected holiday sales. i don't spend money on gasoline. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male announcer ] and it's not just these owners giving the volt high praise. volt received the j.d. power and associates appeal award two years in a row. ♪ we replaced people with a machine.r, what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally.
ceiling and the debates we've seen in congress. >> slow growth. >> our hands almost. really when you think of it that way. >> very much. >>> still ahead a couple of d.c. city leaders are headed to the white house today. why do you think that is? >> we'll explain right after this. >> plus a group of virginia lawmakers strike an early blow in the fight over the relocation of the fbi headquarters. we'll be right back. ha never encnteredch a bning . until had thshingles. r re of the side sry, visit shinesinfoom like sebody d set a ba of hot chaoal ony neck. hai's somethg youdch a bning . ner wanto encounteochickenpx >>> 5:09 out on the weather terrace. 39 degrees here in northwest but you know with light winds it's really very comfortable. i have the heavy coat on but the novembers are off. it's not a bad cold. that comfortable cold as you call it. we will see the clouds thicken up and this afternoon expecting rain showers around. by lunchtime 48. we'll get to 50 but stay in the upper 40s with the rain showers around for the afternoon and evening hours. let's go inside with monika samtani get
people understandably aren't following all the debates here in washington. raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. and we are not a deadbeat nation. and the consequences of us not paying our bills, as i outlined in my opening statement, would be disastrous. so i understand the impulse to try to get around this in a simple way. but there's one way to get around this. there's one way to deal with it and that's for congress to authorize me to pay for those items of spending that they have already authorized. and, you know, the notion that republicans in the house or maybe some republicans in the senate would suggest that in order for us to get our way on our spending priorities that we would risk the full faith and credit of the united states, that, i think, is not what the founders intended, that's not how i think most americans think our democracy should work. they've got a point of view, democrats and congress have a point of view. they need to sit down and work out a compromise. [ inaudible question ] >> yeah. [ i
to come, could the debate on the debt ceiling in washington inflict pain at the pump? that's later on. but first, why it could be time to ditch the plastic in your life. the lowdown on the high cost of credit cards is next with bill moller. it is the new year, when americans make resolutions to save money and cut expenses. here's something you can do - in fact, should do right now: dump that high-interest-rate, high-fee credit card you're using, and find something better. bill hardekopf runs lowcards.com and is a respected 3rd party source of credit card information. bill, just how many different cards are there out there? > > bill, there are over 1000 credit cards in the united states, so there are plenty to choose from, and it can be very overwhelming to consumers. > but it is worth the effort, because you could save, apparently, quite a lot of money. how much? > > you sure can. we've had people e-mail us or call us and say that when they changed from one credit card to another, they saved over $500 over the course of a year. so it is certainly worth your effort to pick a good credi
ceiling debate. some in congress have said that for every dollar increase in the debt ceiling, we want a dollar in spending cuts. sequestration is a result of that philosophy the last time we hit the ceiling. they wanted spending cuts equal to the raise in that that ceiling. congress could not agree. that is why they came up with sequestration. sequestration cuts are cut left over from the previous debt ceiling increase. now we are facing another moment where the debt ceiling needs to be increased. if you want to increase it to give us a year of operating time, that would be about 3 trillion dollars. putting these on the same timeline doubles the problem. i'm not confident that congress can come up with another 2 trillion dollars in deficit reduction by that deadline. with the fiscal cliff, relative to what would have happened if all of those programs had been extended, what they ended up passing reduce the deficit by less than one trillion dollars. look at how hard that was to achieve. less than one trillion dollars. over an hour. it is the first time i have ever been to montgomery, s
. if confirmed, he would take over the treasury department's before the white house and congress debates the debt ceiling. this is 15 minutes. >> ladies and gentlemen, the president of the united states accompanied by some of tim geithner and sap jack lew. >> men, everybody, please have a seat. a little more than four years ago, i stood with mr. tim geithner and denounced him as my first to my cabinet. we were barely two months into the financial crisis, the stock market have quivered, the housing market had cratered as well, a bank after bank was on the verge of collapse, and worst of all, more than 800,000 americans would lose their jobs in just a bad month. and the bottom was not yet in sight. i cannot blame tim when he told me he was not the right guy for the job. [laughter] extensivet tim's experience with economic policy made him qualified and i knew he could hit the ground running. as chairman of the new york federal reserve, he had just spent several sleepless and chaotic weeks immersed in the complexities of the crisis and had been working closely with his republican predecessor at treas
this. and that is to set the debt ceiling aside, we pay our bills, and then we have a vigorous debate about how we're going to do further deficit reduction in a balanced way. now, keep in mind, that, you know, what we've heard from some republicans, in both the house and the senate, is that they will only increase the debt ceiling by the amount of spending cuts that they're able to push through. and in order to replace the automatic spending cuts, the sequester, that's $1.2 trillion. say it takes another trillion or trillion-two to get us through one more year, they'd have to identify $2.5 trillion in cuts just to get the debt ceiling extended to next year. $2.5 trillion. they can't even -- congress has not been able to identify $1.2 trillion in cuts that they're happy with. because these same republicans say they don't want to cut defense. they've claimed that they don't want to gut medicare or harm the vulnerable. but the truth of the matter is that you can't meet their own criteria without drastically cutting medicare or having an impact on medicaid or affecting our defense spendin
the ceiling debate came around. and if democrats want, the debt ceiling raise, they should have harry reid produce a budget. >> i don't mean to cut you off. but senator sessions is coming on this show later on. one last one. the boehner rule, you want to raise the borrowing rule i think it is sound fiscally and plitly. >> one to one seems equal right? >> but seems like this deal $41 in tax hikes per $1 in spending cuts with middle class taxes going up, i doubt that we are going to get that either. this president has made clear he not only wants the debt ceiling raised. let's not forget, he wanted the debt ceiling eliminated. that is the kind of negotiating that he is putting forward even though he said he is going to have to negotiate. that is what he said for a long time. if the gop plays his cards right and sticks to the spending see kwaester, i think that will put obama back think the defense. stick around. we have much more cooking for you. but look, i shothought obamacar was supposed to keep costs down. we are going to tell you why. later on, team obama going all out an gun control. i
that worries some people, though, is the upcoming debates over the debt ceiling is going to be even more contentious, much more contentious, possibly, than the fiscal cliff debate that we just had. how damaging might that be to the economy in your opinion? >> i think you're going to work things out. i don't see the government stopping. i think they are going to work out and get over this next cliff. i'm not sure it's a cliff. it's just a small hill to climb. >> a small hill to climb. i think you might be in the minority on that one, mr. broad, but i'll give it to you. tell me about the los angeles economy specifically. you said you think the economy overall is getting better. what about l.a.? >> l.a. is doing a lot better. unemployment is down. it's now in single digits versus double digits in the past. we've got a number of major construction projects, including our museum, including things happening at the airport and elsewhere. there are lots of companies coming to los angeles. there are a lot of people from los angeles wanting to move downtown to grand avenue where all the activity i
with a -- fix the fiscal cliff and deal with the debt ceiling? >> the fiscal clefted not fix the debt, and that was the big debate during the fiscal of conversation. is this affecting tax policy or is this about trying to pixar debt and deficit. there was a group that said let's fix the tax policy in deal with the deficit later. as supporters sang, we must deal with the debt and deficit which is the bigger issue. gerri: you voted against it. >> i did. gerri: what can we do about this? what can we do about this? >> well, we have three things. people will hear them thrown together by the senate and presidency, but there are really three different distinctly different things. the debt ceiling, the sequestration that has now been punted for two months, and we also have what is called a continuing resolution all will be abbreviated as a cr. all three are good moments to deal with spending. but they're all very different, not the same. sequestration is our agreement that we are going to cut spending, 100 billion this year. that got punted for two months as part of the fiscal cliff and will
widely as shoring up his left flank in the political debate over the debt ceiling. what they wrote was "we believe you must be willing to take any lawful steps to ensure that america does not break its promises and trigger a global economic crisis without congressional approval, if necessary." now the signers of this letter were harry reid, dick durbin, chuck schumer and patty murray. speaker boehner said "senate democrats cannot ignore their responsibilities for political convenience. and the american people will not tolerate an increase in the debt limit without spending cuts and reforms." larry, let me tell you what i think is going on here. i think these democrats are trying to send a signal both to the white house but also to republicans involved in this debate that they would like to see or be comfortable with the president going with what they call the constitutional option, which is challenging the debt ceiling itself on constitutional grounds based on the 14th amendment to the constitution which says that the debt of the united states shall be respected. so their argument
and then let them -- himself included -- all debate the deficit independent of raising the debt ceiling. he is making an argument. he is appealing directly to the american people about this. this press conference was mostly an argument about that very point, but at the same time you heard the president say that he is willing to make modifications to medicare. i know talking to other people close to him privately that that's very much on the table for him. so i think he would be open to looking for a way to now addressing entitlements, addressing some additional spending, and probably like some tax reform as well and keep the issue of revenue alive even if at the end of the day that has to be pegged to raising the debt ceiling. remember, the white house thought that the debt ceiling politics would only hurt republicans last summer. it hurt the president pretty badly as well. they're mindful of that. >> he is making a fairly strong opening argument months in advance of the actual deadline. david, in terms of how the republicans respond to this, we dot a read-out on mitch mcconnell's statement
spending, we wouldn't have to borrow more money. the debt ceiling, last one could you say, the debate was messy. we didn't get a downgrade because the results of that debate didn't solve the problem. president obama, after he got his tax increase, the tax part of his balanced approach, when he came out and said, okay, now, the debt ceiling is off the table, not going to negotiate it -- >> because it's spent, right? $16 trillion national debt. that's money that has been committed by congress. it's been committed by the very people who will fight over whether we should pay the bills. you go ahead, say congress committed this money. february 15th, interesting on the debt. 9 billion coming in $52 billion has to be paid. >> $2.5 trillion revenue coming into an annual basis, which equals what we spent in 2005. so you have to increase the debt ceiling because we continue to run deficits. >> so we need a budget to move forward. >> how about do that with the senate? >> we haven't had a budget for four years? >> christine, the only time we've produced fiscal restraint in this country, the messy
does that mean for the three major debates ahead? the battle over the debt ceiling, sequester, the continues budget resolution? >> that's to my point. right now all the committees of congress should be meeting. the people on agriculture should be saying what can we do to make cuts here and make some changes there? the defense appropriations committee should be meeting. the housing committee should be meeting. all the various appropriating and authorizing committees should be meeting. and be involved in this process instead of leaving it to the last minute to three people. you can't run a country that way. like i said, you can't run a business that way. if i spent as little time running my business as the congress does conducting its business, why, we would have been out of business a long time ago. >> minnesota congressman rick nolan. again, congratulations. and come back and see us again. thank you so much. >> thank you. delighted to be here. >>> that wraps up this hour of "jansing & co." >>> coming up next on the agenda, the political calculations of picking senator chuck ha
while we're debating these things. you have to increase the debt ceiling and keep the debate going and look to continue to cut spending. jon: we'll have you back another time to talk more about this. you obviously put a lot of thought into it. former congressman dennis kucinich. >> thank you. jenna: speaking after the pentagon, we talked a let about the planned troop withdrawal in afghanistan. now there is word the united states may take out all the troops leaving no american soldiers there. what is behind the so-called zero option? we go in depth next. jon: a fox news alert now. new details emerging on that commuter ferry crash in new york city. rick is live at the breaking news desk for us. >> we're tracking this from down in the newsroom because the details are changing quickly, jon. as you say a commuter ferry bringing people from new jersey along the east river to lower manhattan. we're told that's when they had what is called a hard landing. the ferry captain trying to dock right at the pier. not clear why there was this hard landing but there are many injuries. 57 people wer
. there is a lot -- gei: are you worried about this debate going on in washington, the debt ceiling to my defense spending, sequestration, on and on. negative impacts in december. did you think those will hold the market back? >> policy mistakes and my number one concern, and that's from washington. the market here is that a very important inflection point. this could be what i call the point of recognition. valuations in the market based on bond yields verses equity yield since august of 2011 when europe was giving big problems. they rose to levels never before seen which show a tremendous fear on the part of investors. right now they're back in the lower part of that range. if we can break through that i shows that investors will not be demanding as much of a risk premium as thee have been. that would be bullish for the market. i think there's a good chance we see all-time highs this year in the s&p. gerri: give me one sector name you like and then we have to go. >> i did not get compliance approval for a name, but i'm very bullish on financials and on consumers. gerri: thagives us a lot to che
the debt ceiling aside, pay the bills, and then have a vigorous debate about how we will do further deficit reduction in a balanced way. keep in mind that what we have heard from some republicans in both the house and senate is they will only increase the debt ceiling by the amount of spending cuts that they are able to push through. in order to replace the automatic spending cuts and a sequester, 1.2 trillion, say it takes another trillion to get us through one more year, they would have to identify 2.5 trillion dollars in cuts just to get the debt ceiling extended to next year. 2.5 trillion. congress has not been able to identify 1.2 trillion and cuts their happy with. because the same republicans say they do not want to cut the fence. and they have claimed they do not want to gut medicare or harmed the vulnerable, but the truth of the matter is you cannot meet their own criteria without drastically cutting medicare or having an impact on medicaid or affecting the defense spending. add up.justth is not here is what would work. -- the math test is not at about it adds up to. 0.5 trillion d
to cuts in spending. the president flatly disagreed. >> i want to be clear about this. the debt ceiling is not a question of authorizing more spending. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. >> brown: the 2011 stand-off between the president and republicans over the debt ceiling led the nation to the bryning of national default. standard and poors even lowered its rating on u.s. government bonds. today, president obama said any repeat performance would be, quote, irresponsible. >> if the goal is to make sure that we are being responsible about our debt and our deficit, if that's the conversation we're having, i'm happy to have that conversation. what i will not do is to have that negotiation with a gun at the head of the american people. >> brown: at the same time, the president rejected urgings by some democrats that he raised the debt ceiling on his own authority. republicans were quick to answer the chief
the debt ceiling, a continuing resolution. at the end of march, the year is half over. did you have sequestration mandated. those are all intertwined. they represent different points from which you can have a conversation about spending. i actually think there is less pressure short-term from the budget year to year. it is the long-term entitlement programs. at the discretion of the congress on an annual basis, maybe only 40% of the budget they control. much of it is locked in and on a trajectory that ends badly at some 0.30 or 40 years. that objective statement comes from the president's own appointees. the presidents in both parties of had it trustees that say, this will not work long term. i think the logical approach will be to think, how can you now make some of these changes. in the 1980's they adjusted social security and medicare it is a little bit. those are phased in over a long period of time. host: what do you think about the idea of using the debt ceiling as a starting point to talk about budgets and spending? guest: there is no question that congress is in a brittle de
the debate all together and sign the new debt ceiling into law. she told "face the nation" viewers that president has the 14th amendment on his side which states that the nation's debt shall always be paid. >>> po >>> pelosi met with hundreds of quaints and colleagues to talk about last year's chag lengs and accomplishments and this year's goals. in 2013 the democratic party will continue to focus on growing and supporting the middle class, she says. >> practice the strength in our country and those we have to strengthen it and help those who aspire to be in it. to be in the budget. that's a sense of community. that is the epiphany i want them to have that we're only here for the wealthiest people and trickles down, that's a good thing if doesn't. so be it, that's the free market. that's not how we see it. >> others had to get to the to move to a bigger venue to accommodate the crowds. >> church goers in san francisco says enforcing parking meters on sunday is forcing them to make a tough choice. san francisco put an end to free parking meters on sundays and that has changed is exp
it out at the o.k. corral fight over raising the debt ceiling in a few weeks. president obama has already said he will not negotiate on raising the debt ceiling. here's what he said. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. let me repeat. we can't not pay bills that we've already incurred. >> and here's the response he got the next day from republican senator pat toomey of pennsylvania. >> our opportunity here is on the debt ceiling. the president's made it very clear; he doesn't even want to have a discussion about it, because he knows this is where we have leverage. we republicans need to be willing to tolerate a temporary partial government shutdown, which is what that could mean, and insist that we get off the road to greece, because that's the road we're on right now. we only can solve this problem by getting spending under control and restructuring the entitlement programs. there is no tax solution to this. it's a spending solution. and if this president doesn'
people understandably aren't following all of the debates here in washington, raising the debt ceiling does not authorize us to spends more. all it does is say, that america will pay its bills. and we are not a deadbeat nation. and the consequences of us not paying our bills as i outlined in my opening statement would be disastrous. so, i understand the impulse to try to get around this in a simple way. but there's one way to get around this and that is for congress to authorize me to pay for those items of spending that they have already authorized. and you know, the notion that republicans in the house or maybe some republicans in the senate would suggest that in order for us to get our way on our spending priorities, that we would risk the full faith and credit of the united states, that i think, is not what the founders intended. that's not how i think most americans think our democracy should work. they've got a point of view. democrats in congress have a point of view. they need to sit down. and work out a compromise. yeah. well, look, chuck, there are -- there's a pretty straigh
there will be no debate whether to raise the nation's already exceeded debt ceiling. a key thing that republicans will give them much better positioning as the u.s. hovered dangerously close to the fiscal cliff. the two sides don't agree whether tax revenue is settled. republicans say having given the president hundreds of billions of new tax dollars unmatched by corresponding spending cuts, they are in no mood to give them more money. >> it's over. completed. that is behind us. now, the question, what are we going to do about the biggest problem confronting our country and our future. that is our spending addiction. it's time to confront it. >> not so fast according to house minority leader nancy pelosi. the idea of generating more tax revenue is certainly still in play. high income earners who were just hit with a rated increase should be prepared. >> according to the treasury department we have exceeded the debt ceiling. treasury department can keep from defaulting for roughly two months and automatic sequester cuts would kick in if that matter isn't resolved by then. >> bret: shannon, thank y
and the theretos from the fiscal debate, the u.s. economy is not out of the woods yet. raising the debt ceiling, he said, gives the opportunity to spend now. like a family trying to raise its credit rating not deciding to pay bills. we think we're getting some effect in lowering interest rates but it's still early yet to tell. we have found qe to be an effective tool. we will continue to assess how effective. just before you came to me he was asked one of the criticisms. aren't the fed quantitative policies overspending by congress. the chairman saying it's not the fed's job to play games and make congress do what it should be doing on its own. >> he keeps saying this in so many words. you'd think people would get it at this point. thank you so much. >> you would think, yeah. >> steve leisman. president obama telling republicans to move quickly on the debt ceiling. jon harwood on the president's main theme at his news conference today. >> his main theme was to draw a brighter line with republicans in that fight over the debt ceiling. republicans saying we want dollar for dollar spending cuts. the p
it past the fiscal cliff .... now it's the debate over the debt ceiling that is front and center. republicans and to deal withhthe problem - republicans want assive cuts beffre they agree to raise the amountttehh ggvernment can borroo ... but that leavessmann people wondering what will happpn to much needdd programs ... even jobs. congressman elijah cummings joins us this morning with a look at the debate.-where do thingg stand-several solutionn floated ... now the latest is iou'' ... ww wouldd pay people and companies partially in cash and &ppartially with iouus--or marylanders, , governor o'malley is concerned mean thousands oo federal employeee here would lose their jobs 3 former reality star jon gosselin... hits a ough patch... financially. financcally.how much money the feds say he owes! owws! you're watching fox 45 morning news.. all local.. all mmrning. 3((ad lib horoscopes)) ((break ))aabig honor forr a m marching band..theerole it wwll play at the presidenttal inauguuation onnfox 45 news at fiie.. ççççpñpñ 3 3 3 -3 3 p map 195 map 3 3 a fol
have to have the debate every three months? >> eric: sure. start with the debt ceiling and how it came about. prior to world war i, everybody was paid. the debt we incurred was paid for through various bonds. world war i to world war ii, fdr got together with the treasury secretary and set let's put a debt ceiling op and they started to borrow money. that amount in 1949 was $45 billion. today, $16.4 trillion. that is 46,400% higher. between 1939 and 1980, we never exceeded $1 trillion in debt. now we push $17 trillion. the problem with the sound bite is president obama was the guy in 2006 that said i will not vote for you. he wouldn't vote for a debt ceiling increase. leadership means the buck stops here. that's why i won't vote for raising the debt creteing. that is senator, senator obama in 2006. he voted against raising the debt ceiling. calls it unpatriot i cannot to do it now. >> dana: president obama was called out on this before. saying it was unpatriotic and lack of leadership. that's why you would vote against it. now it's unpatriotic if the patriot act hold you to spending re
a huge spike in the sale of assault weapons over the debate of whether or not to ban them. >> the debt ceiling and paul krugman has been advocates an n obscure proposal to mint a trillion dollar coin. the president is looking not to negotiate own the debt ceiling. >> the only option is for the congress to pass. no substitute for congressional action and see the republicans in the house are saying we're only going to increase the debt limit if indecembering the debt ceiling is met dollar or dollar for cuts. there doesn't appear to be away around it and there's more stalemate. >> george stephanopoulos, thanks for your reporting. two powerhouse roundtables, "this week" coming up later right here on abc. george, thanks again. >>> the golden globes are tonight and awards have been considered a good indicator for the oscars but a controversy is brewing over one of the top contenders, "zero dark thirty," the director was snubbed and legendary actors are telling members not to cast ballots for it because of graphic scenes involving torture. abc's john muller is here with more. >> good morning
in washington will be over the debt ceiling. can president obama end this craziness and bypass congress altogether? we'll talk about the out of the box solutions and whether they would work. >>> and, finally, this is the signature of the man who might be the next treasury secretary. we'll look back through history to see if there's any loopy president. speaking of secretaries of the treasury three former holders of the office and many other statesmen and women offering advice to the president on a new gps special tonight "memo to the president, road map for a second term." tonight at 8:00 p.m. and 11:00 p.m. eastern and pacific. >>> first, here's my take. chuck hagel's nomination as america's next secretary of defense has drawn fire from people who say he's outside of the main stream. in fact, he's a pretty straight forward, traditional republican on most issues with a reluctance to go to war, born of knowledge and experience. where hagel does appear out of the mainstream in washington's world of group think is on iran. which i would argue is a good thing because washington desperately
the debt ceiling. just give me more borrowing authority. let me have more revenue so i can continue to spend. that will not solve the problem. we have $16 trillion debt. we will have to cut spending. bill: are you in agreement with mitch mcconnell this weekend when he said taxes are off the table? we resolved this issue. we have, sorry, we don't have this problem because we tax too little. we have it because we spend way too much. >> no. he is exactly -- remember the last debt ceiling agreement 16 months ago. two days after the law passed we got downgraded on our credit rating. a week after the bill had passed the market dropped 1323 points. the super-committee which was supposed to identify spending reductions fell apart like many of us thought it would and the scheduled cuts in the last agreement which were supposed to take place were just suspended and postponed five days ago in the fiscal cliff agreement. now it is time to raise the debt ceiling again and we have yet to cut one dime from the last agreement. spending is the problem we have to address that problem. bill: now democ
here in washington -- raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills, and we are not a deadbeat nation. and the consequences of us not paying our bills, as i outlined in my opening statement, would be disastrous. so, i understand the impulse to try to get around this in a simple way but there is one way to get around this. there's one way to deal with it and that is for congress to authorize me to pay for those items of spending that they have already authorized. and you know, the notion that republicans in the house or maybe some felons the senate would suggest that in order for us to get our way on our spending priorities that we would risk the full faith and credit of the united states that i think is not what the founders intended, that's not how i think most americans think our democracy should work. you know they've got a point of view view, democrats in congress have a point of view. they need to sit down and work out a compromise. [ inaudible question ] >> yeah. >> and if then you're n
the debt ceiling. >> it is congress' responsibility to ensure that the bills congress racked up are paid. >> reporter: just one of several looming showdowns as the president prepares to kick off his second term. >> what you're seeing is a more aggressive barack obama, someone who is looking more at polishing what his place in history will be, the mark he wants to leave on the country in the next four years. and that, in some ways, means a more contentious relationship with congress. >> reporter: and some serious people, matt, are floating an idea to try to avoid that debt ceiling crisis, proposing that the treasury department mint a platinum trillion dollar coin. you would put that coin away in the federal reserve and then if necessary, you would spend it to help pay off the money that the u.s. owes. if that did happen, an idea some would call ridridiculous, you wd hate to be the person to put that coin in the million dollar meter. >> not a good thing, peter. thank you. >>> new jersey governor chris christie made some headlines recently when he called out gop republicans for postponing a
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